Financial PerformanceMortgage spreads have widened, influenced by monetary policy uncertainty and rising geopolitical risk, resulting in a tangible book value per share drop of about 8%.
Interest Rate UncertaintyCaution is advised due to ongoing rate uncertainty and the potential for further widening of Agency MBS spreads.
Market VolatilityMBS volatility has risen significantly, with the standard deviation for a single-day move in current coupon MBS spreads now double what it was over the previous decade.